What Happens if You Did Not Pay the SuperCias Contribution Before April 30?

Good corporate governance seeks to ensure that each company complies with the rules and regulations in force in its territory, which helps to prevent sanctions and future legal conflicts. In Ecuador, the Superintendency of Companies, Securities and Insurance (hereinafter: SuperCias), through the Superintendent, has proposed to the companies registered in its administration a contribution in relation to their real assets, the purpose of which is to create a fund to cover the expenses of the SuperCias.

Through Resolution No. SCVS-INAF-DNF-2024-0003, issued on January 22, 2024, this technical agency established three important moments to understand regarding the payment of this tax.

First: Payment prior to April 30, 2024

Companies are aware that the following table applies to companies that file and pay the contribution before April 30 of the current year. Here, the percentage per thousand of real assets is less than 1%. This is an incentive for companies to pay this tax as soon as possible, that is, during the first third of the year so that the SuperCias has liquidity.

Second: Payment after April 30, 2024

Ecuador, Companies Law, art. 449. Official Gazette, last modification: March 15, 2024.

Companies and other entities subject to the Superintendency that submit their financial statements after April 30, 2024, will perform the calculation corresponding to 1 per 1000 of their real assets. This represents a higher value that must be paid in full by September 30, 2024.

Following the same line, if Company "Y" S.A., presents its financial statements on June 15, with a final value of $20,000,000.00 USD, it will have to make the calculation with 1% per 1000 of its real assets and, therefore, it will have to contribute $20,000.00 USD to the SuperCias before September 30.

If the company, before September 30, 2024, pays at least 50% of the value of the obligation, a right arises, which is explained below.

Third: Payment of 50% prior to September 30

Upon request entered in the institutional portal of the SuperCias, companies that have paid at least 50% of the contribution until September 30, 2024, obtain the right to cancel the rest of the obligation until December 31, 2024, without surcharge or penalty.

Continuing with the previous example, if Company "Y" S.A. pays $12,000.00 USD before September 30, it will be able to pay the rest of the contribution without any additional surcharge until December 31, 2024, i.e., it will have to pay $8,000.00 USD to complete the $20,000.00 USD.

In the event of failure to make the payment under the above conditions, the company will be subject to the various penalties provided for in the Law.

One of the considerations to be taken into account is that those companies and entities subject to the SuperCias, whose real assets do not exceed $75,000 USD, are exempt from any type of contribution. Therefore, no receivable will be generated for these companies. While those subjects that own at least 50% of the capital stock represented by shares of public law institutions, such as CNT (Corporación Nacional de Telecomunicaciones) or private with social purpose, will pay only half of the contribution.